Research On The Calculation Of Franchise Value In Nonquan Service Area Of Zhangshi Expressway

The expressway industry has a distinctly different nature from other industries.Its government-led,capital-intensive,quasi-public goods attributes,large investment scale,and slow returns have caused high barriers to entry in this industry.It is meaningful to conduct research on management.In the implementation of the expressway franchise model,pricing is important.What method is used to measure its value and how to measure it are the main concerns and discussions in this article.This paper studies the value calculation of the franchise rights of service areas on non-traffic expressways.According to the different types of business areas in the service area,the value of concession rights is divided into the value of concession rights for gas stations and non-oil businesses.This is the innovation of this article.The research methods in this paper are literature research method,theoretical research method and case research method.First,the research status of the management and franchise rights of the expressway service area is reviewed.Then the concepts and theories involved in this article are explained,such as several economic attributes of expressways: quasi-public goods,positive externalities,natural monopoly and capital intensiveness;the definition of expressway concessions and two types of concessions method;theories related to the valuation of franchise rights: asset valuation theory,project financing theory and real option theory.Based on the above concepts and theories,the calculation methods and applicable formulas of relevant parameters in the process of value measurement of franchise rights are summarized.Because of the risks involved in expressway franchising,the real option method is used in the calculation using the income method.The case selected in this paper is the value calculation of the franchise right in the Nuanquan service area of the Zhangshi Expressway.The service is divided into gas stations and non-oil business.The value of the franchise right in the service area is measured by two measurement methods,and Compare the measurement results under different methods.The two measurement results show that: in the real option method,the greater the risk,the greater the estimated value.This is the compensation of the real option method for the deficiency of the income method that does not fully consider the risk factors.Ultimately,the value of the franchise can be determined by combining the results measured by the two methods.